B8399-005: Real Estate Capital Markets

Over the past two decades the development of commercial real estate capital markets, in particular the expansion of the public markets for debt and equity securities, have revolutionized the industry providing unprecedented capital availability and pricing, reshaping valuation metrics, heavily influencing private capital formation and providing investors with a greater array of investment, hedging and arbitrage opportunities. As the past several years have demonstrated, this integration into the public markets also creates volatility that can be driven by factors well outside the realm of commercial property markets. Today’s professional real estate investor must have an investment view and strategy which are informed by and integrated with the opportunities and the risks inherent in today’s capital markets. This course takes an in-depth look at financial structures and capital markets available to real estate debt and equity investors and explores the ways those structures and markets influence broad investment strategies.

Adjunct ProfessorDan Adkinson serves as a Managing Director of NewStar and Head of its Commercial Real Estate lending division. He also serves as a member of NewStar's Management Committee. Mr. Adkinson has more than 30 years experience in the origination, underwriting, management and workout of portfolios of senior and subordinated real estate debt investments. For the past decade he has been a portfolio manager at JP Morgan...

Adjunct ProfessorMichael Giliberto retired in 2010 as a Managing Director at JPMorgan Asset Management, the global investment management business of JPMorgan Chase. Mr. Giliberto oversaw U.S. portfolio management and global investment strategy and research within the Global Real Assets Group.

Mr. Giliberto is a director of the Hunt Companies, Inc., a private real estate operating company, and Empire State Realty Trust, a publicly traded REIT...